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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data: ($ in 000s)...

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data:

 

  ($ in 000s) 

Cost Retail

Beginning inventory: $81  $135 

Purchases  $575   $1,015 

Freight-in on purchases: $32    

Purchase returns: $1   $1 

Net markups:    $3 

Net markdowns:    $7 

Net sales:   $918 

 

Required:

Assuming the price level increased from 1 at January 1 to 1.20 at December 31, 2018, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. (Do not round intermediate calculations. Round final answers to the nearest whole dollar. Enter your answers in thousands.)



Estimated ending inventory at retail:

Estimated ending inventory at cost:

Estimated cost of goods sold:

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